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- TERRA started to steep low after the recent made all-time high of $22.33 and found support near 50 EMA in the daily timeframe.
- Currently, the coin is trading just above the 50 EMA, which is above the 100 EMA, implying the downtrend might just be a pullback.
- The TERRA/BTC pair is trading at 0.00031536 with an intraday gain of 10.3%.
Source- tradingview
TERRA coin price fell after consistently moving up and creating an all-time high of $22.33; currently, it is holding above 50 EMA (yellow), which is above 100EMA(green), in the daily timeframe. TERRA has been making lower lows in the daily timeframe ever since the rejection from an all-time high level.
The coin price has recently showcased long-tailed candles, indicating an increase in buying volume. The long-tailed candles are formed near the 0.5 Fibonacci level, indicating the possibility of pullback completion.
Today, the live LUNA price is $15.9 with a 24-hour trading volume of $518,873,178 (-0.48%). LUNA is down 10.3% in the last 24 hours. The live market cap of the coin is $6,011,234,700 (+12.25%).
The streak of lower lows shall continue
Source – tradingview
TERRA had made a descending triangle pattern in the 4-hour timeframe after reversal from the all-time high level. The TERRA coin price had a fallout of this pattern recently. However, the support level of $12.73 has pushed the price back up.
The coin price has gained 10.3% in the last 24 hours. The resistance trendline observed has been forcing the price down and making lower lows. The $12.73 level and the zone near $14.5 are the immediate support, whereas the immediate resistance level is $19.
The coin price is above the 200 EMA (white) above the 50 EMA (yellow), implying a downtrend. The 50 EMA is getting closer to the 200 EMA in the 4-hour timeframe implying a bearish crossover might occur soon.
The RSI (bearish) indicates bearish momentum while trading at 59. After a slope down, TERRA is now heading towards the overbought zone.
The ADX indicates a gaining momentum as it is trading at 17 while the spike in ADX is increasing, implying a positive growth of momentum.
Conclusion – TERRA coin price has recently exhibited a fallout of a descending triangle pattern, but the support level of $12.73 has managed to push the price back up. Another price fall is expected as the price reverses from the resistance trendline. Support from 200 EMA and long tails near support levels could push back the price, so early traders must wait for confirmation.
Support- $12.73 and zone near $14.5
Resistance- $19.13
Author-Vishal
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
